Ellington Credit Plans Monthly Dividend of $0.08 (NYSE:EARN)

Ellington Credit (NYSE:EARN) announced a monthly dividend on Monday, February 10th, Wall Street Journal reports. Shareholders of record on Friday, February 28th will be paid a dividend of 0.08 per share by the real estate investment trust on Tuesday, March 25th. This represents a $0.96 dividend on an annualized basis and a yield of 14.71%. The ex-dividend date is Friday, February 28th.

Ellington Credit has a payout ratio of 82.1% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect Ellington Credit to earn $1.13 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 85.0%.

Ellington Credit Price Performance

Shares of EARN stock opened at $6.53 on Wednesday. The firm’s 50-day simple moving average is $6.57 and its 200-day simple moving average is $6.72. Ellington Credit has a 1-year low of $5.88 and a 1-year high of $7.26. The firm has a market cap of $190.38 million, a P/E ratio of 5.83 and a beta of 1.85.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Ellington Credit from a “sell” rating to a “hold” rating in a research note on Wednesday, November 20th.

Ellington Credit Company Profile

Ellington Credit Company, a real estate investment trust, acquires, invests in, and manages residential mortgage-and real estate-related assets. It acquires and manages residential mortgage-backed securities (RMBS), including agency pools and agency collateralized mortgage obligations (CMOs); and non-agency RMBS, such as non-agency CMOs, such as investment grade and non-investment grade.